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Chapter 5
Chapter 5 Mass Real Estate
| Term | Definition |
|---|---|
| Acceptance | The agreement of one party to a set of terms offered by a second party. |
| Assignment | The transfer of rights and interests in property, from one person to another. EXAMPLE: Assignment of a purchase and sale agreement or a mortgage. |
| Bilateral Contract | A contract, where one party agrees to do something in return, for the second party's promise to also do something (EXAMPLE: Joe will pay Kendra $300 to sing at his party). |
| Bill of Sale | A written contract, between two parties for the sale of personal property. |
| Consent | One agreeing to terms of a contract, does so without duress. Demonstrated by a Notary Public taking parties acknowledgment, that this is their free act and deed. |
| Conservator | An individual appointed by the court to act as a guardian. |
| Consideration | Something given in exchange for something from another. Can be an article, or a promise to do something. |
| Consideration | In real estate, it is usually money exchanged for property as in a deed, or money in exchange for a promise to perform, as in a Purchase and Sale Agreement. |
| Counter Offer | The one receiving an offer (Offeree) responds by offering a new set of terms, as a new offer. The original Offeree, then becomes the new offeror. |
| Deed | Written instrument, that transfers ownership of real property from one party to another. |
| Disclosure | One of the duties of agency (also known as duty of notice), that requires an agent, to keep his or her principal informed of any matter, that is in the principal’s interest. |
| Equitable Title | Interest held by the buyer, when a purchase and sale contract has been signed, but prior to transfer of the deed, when legal title is obtained. |
| Estoppel (1) | A legal doctrine, whereby a person is not allowed to deny a previous statement or act, when an innocent party has relied on that statement or act. EXAMPLE: Incorrect mortgage balance given by a bank. |
| Estoppel (2) | Concept where a party cannot exercise rights contrary, to previous representation. EXAMPLE: A town water bill relied on by a new owner, could be challenged by estoppel, when a new higher bill is charged. |
| Executed Contract | A contract where all parties have fulfilled all terms. |
| Execution | The signing and delivery of a document. |
| Executory Contract | A contract, that has not had the terms completed, by one or both of the parties. |
| Express Contract | A contract, where the intent of the parties is clearly stated. May be verbal or written. |
| Implied Contract | A contract, where the agreement of the parties is demonstrated, by their acts and conduct, and not by their words or written agreements. |
| Laches | Doctrine that action was not taken in a reasonable period of time. Similar to statute of limitations, where time is specified. |
| Legality | Quality of being within the law. A contract with an illegal element is void. |
| Legal Title | Interest obtained by the grantee, when the deed is signed and delivered (compared to equitable title). |
| Listing Agreement | An agreement, between a seller and the broker to act as an agent, for the sale of the property. Maybe written or verbal. |
| Mortgage Deed | Conditional conveyance of the property to the bank subject, to the borrowers right of redemption. Referred to as the “mortgage”. |
| Mortgage Note | The written promise, to pay money borrowed against real property as security. |
| Novation | A new obligation is substituted for an old obligation. EXAMPLE: A bank accepting a new note with a new mortgagor, for an old note would do so by novation. |
| Offer | A promise, by one party to act in a specified manner, providing a second party acts in the manner requested. |
| Offeree | Party receiving an offer, from another party (buyer or seller). |
| Offeror | Party extending an offer, to another party (buyer or seller). |
| Option | An agreement to keep an offer to purchase, or to sell open for some period of time. The party agreeing to the option terms (usually the seller) is bound by the option, but not the party making the option offer (usually the buyer). |
| Power of Attorney | A written document authorizing one person to act for another, to do whatever extent specified. |
| Purchase and Sale Agreement | A written contract for the sale of real property, between two parties (the seller and buyer). |
| Right of First Refusal | Right to have the first chance to purchase, or lease a piece of property. May or may not specify additional terms, such as price. |
| Specific Performance | A remedy at law, where the court will force a party, to fulfill his or her part of the contract. |
| Statute of Frauds | State law, that requires certain documents to be in writing to be enforceable. |
| Statute of Limitations | The time limit within, which legal action must be taken to be enforceable. EXAMPLE: In Mass. the statue limitations on prescription, and Adverse Possession is 20 years. |
| Suit for Damages | One of the legal remedies in the case of a contract default, or nonperformance. Suit to recover compensation, for financial losses suffered due to the contract non-performance. |
| Unilateral Contract | A contract, where one party makes a promise to perform without a second party promised to perform. EXAMPLE: Reward for a lost property. |
| Valid | Having legal, binding force. |
| Void | Having no binding legal force. |
| Voidable | Having binding force, but able to be broken by one of the parties. |
| Competency | The state of having legal contractual capacity. |
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